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FxWirePro: Gold levels to watch (US session)

Gold has recovered more than $15 from a low of $1476 after the release of US retail sales data. It has declined for the first time in 7 years and came at -0.3% vs forecast of 0.3%, the biggest drop since Feb 2019.US dollar index has broken major intraday support 98.20 and any violation below 97.85 confirms major weakness. The yellow metal hits an intraday high of $1491.03 and is currently trading around $1489.13.

US 10-year is holding steady despite weak US economic data. It is hovering at 1.744%. The spread between 10-year and 2-year has widened to 16 bps.

Major intraday support to be watched -$1472 and any break below targets $1458.Minor weakness only below $1458. 

Resistance -The yellow metal is facing strong intraday resistance around $1500 and any break above will take the yellow metal till $1515/$1525.

Additional Levels

$1445 (38.2% fib)

$1414 

$1390 (38.2% fib)

By Rangarajan Hariharan
  • Market Data
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